In Asia, Sheldon Trainor sets out on his own (though continues as an adviser), Mark Matthews leaves the research team, and the firm sets up a new corporate finance advisory group.

The changes underway at Merrill Lynch as the investment bank tweaks its teams following the takeover by Bank of America are likely to come out in dribs and drabs over the next few months, if not years û after all, as many as 35,000 jobs may be eliminated in the next three years as the two US banks combine.

One transition much talked about in the market regards Merrill LynchÆs head of Asia investment banking, Sheldon Trainor, who has been...